With SRG’s secured loan, you can borrow up to $10,000. This loan requires an asset to be put up as security, and you can use your car, motorcycle or jewellery to secure the loan. With secured loans, the lender has the legal right to repossess the asset until the loan is repaid. This loan comes with a fixed rate, meaning that your repayments will remain consistent over the lifetime of the loan. SRG does not display their fees and charges on their website, but you can expect to pay interest charges and maybe establishment and monthly fees.
Alternative to SRG Finance Loans
Things to consider about a secured loan from SRG Finance
By taking a secured loan from SRG Finance you can use an existing asset as collateral to borrow a larger amount of money than you may normally have access to. You should understand that offering the asset as a guarantee means that it can be sold if you default on the loan. This is to recover the funds that were lent to you.
Another convenient service that SRG Finance offer is they can secure a loan against an item you are planning to buy. They do this by organising a hire purchase agreement for the item, whether that be something you need for your business, or even an item for your home.
Features of a secured loan from SRG Finance
- Fixed rate. The SRG Finance secured loan comes with a fixed interest rate. This means that for the life of the loan your interest will not be changed, so you'll have the chance to work out your budget and better manage your loan repayments.
- Repayment period. As you're using an asset as a guarantee with the loan, SRG Finance are able to offer a longer repayment period. This can give you time to pay back your loan, although keep in mind that interest will build up over time.
- Flexible lending criteria. People with bad credit may apply for this loan as SRG Finance will be able to use the secured asset to reclaim lost funds if they default, meaning less of a risk.
- Repayment options. This feature gives you the choice of making repayments either weekly or monthly. You'll have the chance to line up your loan repayment schedule with your payment cycle, helping you to better manage your repayments.
How much will the loan cost?
Costs vary depending on how much you borrow, the loan term and what type of loan you're applying for. You'll be offered a loan contract from SRG Finance that will detail the costs. You should go over this before you agree to the loan terms.
How to apply for a secured loan from SRG Finance
When you're applying for a secured loan from SRG Finance online you'll need to access the application form, and you should be ready to enter your personal details to make the process running. After filling out the application form you can click the 'Submit Application' button. Normally you'll get approval of the loan within two hours.
You will need to submit 90-days worth of bank statements to show evidence of a regular income being deposited directly into your bank account.
In getting secured loan from SRG Finance you should meet certain eligibility requirements:
- You're an 18-year-old Australian citizen or a permanent resident
- You've resided for more than three months at the same address
- You pass SRG Finance's credit rating check
- You don't have an unresolved bankruptcy
- You're not a part of any Part IX or X Debt Agreement.
A secured personal loan from SRG Finance can help you access finance by using an asset as a guarantee. Whether you're looking to make a purchase for your home or business, or need to borrow a larger amount of money and have an asset that you can use as security, SRG might be an option to consider.
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